KraneShares Trust

KraneShares CSI China Internet ETF

Ticker: KWEB

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares CSI China Internet ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kweb/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares CSI China Internet ETF	$39	0.70%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$9,846,076,040	28	$24,484,500	22%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Financials	2.5%
Real Estate	3.5%
Consumer Staples	7.1%
Industrials	7.5%
Communication Services	39.2%
Consumer Discretionary	40.1%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Alibaba Group Holding			11.4%
Tencent Holdings			10.7%
PDD Holdings ADR			7.5%
JD.com, Cl A			5.2%
Baidu, Cl A			5.1%
Meituan, Cl B			4.7%
JD Health International			4.7%
Kuaishou Technology, Cl B			4.7%
Kanzhun ADR			4.2%
Tencent Music Entertainment Group ADR			4.1%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kweb/.

Householding

You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

KWEB-SAR-2025

KraneShares Trust

KraneShares Bosera MSCI China A 50 Connect Index ETF

Ticker: KBA

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Bosera MSCI China A 50 Connect Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kba/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Bosera MSCI China A 50 Connect Index ETF	$32	0.56%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$256,449,000	82	$524,925	21%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote
Reference*}

Value	Value
Real Estate	0.9%
Communication Services	1.3%
Energy	2.6%
Utilities	3.7%
Consumer Discretionary	6.1%
Rights	6.6%
Consumer Staples	9.1%
Materials	10.4%
Industrials	14.8%
Information Technology	21.6%
Financials	22.5%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Contemporary Amperex Technology, Cl A			8.1%
Zijin Mining Group, Cl A			7.5%
Foxconn Industrial Internet, Cl A			6.8%
Kweichow Moutai, Cl A			4.7%
Cambricon Technologies, Cl A			4.3%
BYD, Cl A			4.1%
Jiangsu Hengrui Pharmaceuticals, Cl A			4.0%
Luxshare Precision Industry, Cl A			3.9%
Zhongji Innolight, Cl A			3.8%
China Merchants Bank, Cl A			3.4%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kba/.

Householding

KBA-SAR-2025

KraneShares Trust

KraneShares MSCI One Belt One Road Index ETF

Ticker: OBOR

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares MSCI One Belt One Road Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/obor/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI One Belt One Road Index ETF	$43	0.79%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,824,381	111	$13,777	17%

What did the Fund invest in?

Country Weightings^{Footnote
Reference*}

Value	Value
Other Countries	1.1%
Kazakhstan	1.3%
Malaysia	1.7%
Turkey	1.7%
Poland	2.5%
Israel	3.2%
Thailand	4.2%
India	4.6%
Indonesia	5.8%
Singapore	9.3%
Kuwait	9.7%
South Africa	13.3%
China	41.3%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Kuwait Finance House			9.4%
Oversea-Chinese Banking			6.4%
Valterra Platinum			6.2%
Impala Platinum Holdings			4.7%
China Yangtze Power, Cl A			4.3%
PTT NVDR			4.2%
Amman Mineral Internasional			2.7%
KGHM Polska Miedz			2.5%
Northam Platinum Holdings			2.4%
ICL Group			2.0%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/obor/.

Householding

OBOR-SAR-2025

KraneShares Trust

KraneShares Emerging Markets Consumer Technology Index ETF

Ticker: KEMQ

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Emerging Markets Consumer Technology Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kemq/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Emerging Markets Consumer Technology Index ETF	$31	0.50%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$34,357,842	53	$59,019	32%

What did the Fund invest in?

Country Weightings^{Footnote
Reference*}

Value	Value
Other Countries	0.0%
Indonesia	0.6%
Uruguay	0.7%
Greece	0.7%
Australia	0.8%
Japan	2.2%
India	2.9%
Singapore	3.0%
Brazil	3.1%
South Africa	5.7%
Taiwan	13.0%
South Korea	18.6%
China	48.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Alibaba Group Holding			4.1%
SK Hynix			3.9%
Naspers, Cl N			3.5%
JD.com, Cl A			3.5%
Taiwan Semiconductor Manufacturing			3.5%
NetEase			3.4%
Tencent Holdings			3.4%
PDD Holdings ADR			3.4%
Meituan, Cl B			3.4%
Nanya Technology			3.1%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kemq/.

Householding

KEMQ-SAR-2025

KraneShares Trust

KraneShares MSCI China Clean Technology Index ETF

Ticker: KGRN

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares MSCI China Clean Technology Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kgrn/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI China Clean Technology Index ETF	$44	0.79%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$66,702,949	49	$216,479	15%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Utilities	16.8%
Information Technology	19.0%
Industrials	22.8%
Consumer Discretionary	41.3%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
XPeng, Cl A			9.2%
Contemporary Amperex Technology, Cl A			8.3%
Li Auto, Cl A			8.3%
BYD, Cl H			6.8%
NIO, Cl A			6.4%
GDS Holdings, Cl A			4.6%
Kingdee International Software Group			4.4%
Zhejiang Leapmotor Technology			4.1%
China Yangtze Power, Cl A			3.9%
CGN Power, Cl H			3.2%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kgrn/.

Householding

KGRN-SAR-2025

KraneShares Trust

KraneShares Electric Vehicles and Future Mobility Index ETF

Ticker: KARS

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Electric Vehicles and Future Mobility Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kars/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Electric Vehicles and Future Mobility Index ETF	$43	0.70%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$79,716,055	58	$228,533	36%

What did the Fund invest in?

Country Weightings^{Footnote
Reference*}

Value	Value
Sweden	0.5%
Indonesia	0.7%
Belgium	1.5%
Chile	1.8%
Germany	1.9%
Japan	4.4%
Australia	7.0%
South Korea	7.7%
United States	14.3%
China	59.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Contemporary Amperex Technology, Cl A			5.1%
Tesla			4.7%
XPeng, Cl A			3.9%
Li Auto, Cl A			3.7%
Panasonic Holdings			3.6%
BYD, Cl A			3.5%
Xiaomi, Cl B			3.5%
Eve Energy, Cl A			3.4%
Geely Automobile Holdings			3.3%
NIO, Cl A			3.1%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kars/.

Householding

KARS-SAR-2025

KraneShares Trust

KraneShares MSCI All China Health Care Index ETF

Ticker: KURE

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares MSCI All China Health Care Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kure/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI All China Health Care Index ETF	$38	0.65%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$110,997,710	55	$305,524	48%

What did the Fund invest in?

Industry Weightings^{Footnote
Reference*}

Value	Value
Health Care Providers & Services	5.9%
Health Care Equipment & Supplies	10.4%
Life Sciences Tools & Services	17.7%
Biotechnology	31.0%
Pharmaceuticals	34.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
BeiGene Medicines			9.1%
Jiangsu Hengrui Pharmaceuticals, Cl A			7.6%
Wuxi Biologics Cayman			7.3%
Innovent Biologics			7.3%
Sino Biopharmaceutical			4.6%
Shenzhen Mindray Bio-Medical Electronics, Cl A			4.5%
WuXi AppTec, Cl A			4.5%
Akeso			3.8%
3SBio			3.2%
CSPC Pharmaceutical Group			2.9%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kure/.

Householding

KURE-SAR-2025

KraneShares Trust

KraneShares Asia Pacific High Income USD Bond ETF

Ticker: KHYB

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Asia Pacific High Income USD Bond ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/khyb/. You can also request this information by contacting us at 1-855-857-2638. This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Asia Pacific High Income USD Bond ETF	$36	0.69%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$24,486,144	82	$82,154	127%

What did the Fund invest in?

Maturity Weightings^{Footnote
Reference*}^{Footnote
Reference^}

Value	Value
Perpetual Maturity^{Footnote Reference(A)}	23.9%
Greater than 10 Years	0.8%
5 to 10 Years	13.6%
3 to 5 Years	12.6%
1 to 3 Years	35.0%
Less than 1 Year	12.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.
Footnote^(A)	Perpetual security with no stated maturity date.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
GLP China Holdings	2.950%	03/29/26	2.4%
Standard Chartered PLC, H15T5Y + 3.135%	4.300%	—^{Footnote Reference(A)}	2.3%
Greentown China Holdings	8.450%	02/24/28	2.1%
Nomura Holdings, H15T5Y + 3.084%	7.000%	—^{Footnote Reference(A)}	2.1%
Mong Duong Finance Holdings BV	5.125%	05/07/29	2.1%
Pingan Real Estate Capital	3.450%	07/29/26	2.0%
Piramal Finance	7.800%	01/29/28	1.9%
Wynn Macau	5.625%	08/26/28	1.8%
Vedanta Resources Finance II PLC	9.125%	10/15/32	1.8%
Health & Happiness H&H International Holdings	9.125%	07/24/28	1.7%

Footnote	Description
Footnote^(A)	Perpetual security with no stated maturity date.

Material Fund Changes

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund’s prospectus, which is available at https://kraneshares.com/khyb/ or upon request at 1-855-857-2638. On September 1, 2025, the Fund's Sub-Adviser was renamed as Amova Asset Management Americas, Inc. Prior to September 1, 2025, it was Nikko Asset Management Americas, Inc.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/khyb/.

Householding

KHYB-SAR-2025

KraneShares Trust

KraneShares MSCI Emerging Markets ex China Index ETF

Ticker: KEMX

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares MSCI Emerging Markets ex China Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kemx/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares MSCI Emerging Markets ex China Index ETF	$13	0.24%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$65,615,059	284	$72,364	10%

What did the Fund invest in?

Country Weightings^{Footnote
Reference*}

Value	Value
Other Countries	5.6%
Qatar	1.1%
Thailand	1.5%
United Arab Emirates	1.8%
Poland	1.9%
Indonesia	2.0%
Malaysia	2.1%
Mexico	3.9%
South Africa	4.7%
Brazil	6.6%
South Korea	17.7%
India	22.8%
Taiwan	28.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing			15.0%
Samsung Electronics			4.6%
SK Hynix			2.4%
Naspers, Cl N			1.6%
Reliance Industries			1.5%
ICICI Bank			1.4%
HDFC Bank			1.4%
Hon Hai Precision Industry			1.3%
MediaTek			1.2%
Infosys ADR			1.2%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kemx/.

Householding

KEMX-SAR-2025

KraneShares Trust

KraneShares Global Carbon Strategy ETF

Ticker: KRBN

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Global Carbon Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/krbn/. You can also request this information by contacting us at 1-855-857-2638. This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Global Carbon Strategy ETF	$43	0.79%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$164,209,672	10	$630,849	24%

What did the Fund invest in?

Market Exposure^{Footnote
Reference*}

Futures Contracts:
Futures Contract	54.1%
Collateral and Currency Management:
Short-Term Investment, GVMXX	3.7%
Index-Linked Note	22.5%
Exchange-Traded Fund^{Footnote Reference**}	68.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount.
Footnote^**	Affiliated Investment

Futures Breakdown^{Footnote
Reference^}

Data as of 9/30/2025

Value	Value
CCA 2025 Future	41.7%
REG 2025 Future	9.5%
CCA 2026 Future	10.4%
EUA 2025 Future	16.1%
EUA 2026 Future	7.7%
UKA 2025 Future	5.9%
WSH 2025 Future	8.7%

Footnote	Description
Footnote^{^}	Percentages are calculated based on total notional value. Future contracts are presented at the notional value.

Material Fund Changes

Effective November 3, 2025, the Fund's investment objective and principal risks changed. The Fund has changed from tracking the “Total Return” version of its underlying index to the “Excess Return” version of its underlying index. This change does not alter the Fund's Principal Investment Strategies. In connection with this change, Counterparty Risk was added as part of the Fund's Derivatives Risk, and corresponding changes were made to the Fund's Tax Risk.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/krbn/.

Householding

KRBN-SAR-2025

KraneShares Trust

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

Ticker: KVLE

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Value Line^® Dynamic Dividend Equity Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kvle/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Value Line^® Dynamic Dividend Equity Index ETF	$30	0.56%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$31,723,561	84	$67,284	57%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Materials	1.6%
Real Estate	2.2%
Utilities	3.7%
Energy	5.4%
Communication Services	6.4%
Consumer Staples	8.6%
Health Care	8.9%
Consumer Discretionary	9.2%
Financials	11.5%
Industrials	12.5%
Information Technology	29.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			8.5%
NVIDIA			8.3%
Broadcom			3.0%
JPMorgan Chase			2.4%
International Business Machines			2.2%
Johnson & Johnson			2.2%
Palantir Technologies, Cl A			2.0%
Home Depot			2.0%
Goldman Sachs Group			2.0%
Cisco Systems			1.9%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kvle/.

Householding

KVLE-SAR-2025

KraneShares Trust

KraneShares Mount Lucas Managed Futures Index Strategy ETF

Ticker: KMLM

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Mount Lucas Managed Futures Index Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kmlm/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Mount Lucas Managed Futures Index Strategy ETF	$45	0.90%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$183,454,028	26	$845,970	0%

What did the Fund invest in?

Commodity Exposure^{Footnote
Reference*}^{Footnote
Reference^}

Commodity Exposures as of 9/30/2025	Identifier	Position	% NAV
GOLD 100 OZ FUTR DEC25	GCZ5	Long	7.39%
NY HARB ULSD FUT DEC25	HOZ5	Long	6.95%
GASOLINE RBOB FUT DEC25	XBZ5	Long	6.78%
NATURAL GAS FUTR DEC25	NGZ25	Short	6.75%
CORN FUTURE DEC25	C Z5	Short	6.72%
SUGAR #11 (WORLD) MAR26	SBH6	Short	6.63%
LIVE CATTLE FUTR DEC25	LCZ5	Long	6.60%
WHEAT FUTURE(CBT) DEC25	W Z5	Short	6.47%
WTI CRUDE FUTURE DEC25	CLZ5	Short	5.40%
COPPER FUTURE DEC25	HGZ5	Short	5.16%
SOYBEAN FUTURE NOV25	S X5	Short	0.30%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Gold - Futures Contract^{Footnote Reference(1)}			0.9%
Wheat - Futures Contract^{Footnote Reference(1)}			0.8%
Live Cattle - Futures Contract^{Footnote Reference(1)}			0.5%
Corn - Futures Contract^{Footnote Reference(1)}			0.3%
Japanese 10-Year Bond - Futures Contract^{Footnote Reference(1)}			0.2%
Japanese Yen - Futures Contract^{Footnote Reference(1)}			0.1%
NY Harbor ULSD - Futures Contract^{Footnote Reference(1)}			0.1%
WTI Crude Oil - Futures Contract^{Footnote Reference(1)}			0.0%
Euro FX - Futures Contract^{Footnote Reference(1)}			0.0%
Canadian 10-Year Bond - Futures Contract^{Footnote Reference(1)}			0.0%

Footnote	Description
Footnote⁽¹⁾	At market value.

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kmlm/.

Householding

KMLM-SAR-2025

KraneShares Trust

KraneShares SSE STAR Market 50 Index ETF

Ticker: KSTR

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares SSE STAR Market 50 Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kstr/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares SSE STAR Market 50 Index ETF	$54	0.89%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$56,741,487	50	$148,437	39%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Consumer Staples	0.6%
Industrials	2.3%
Materials	2.9%
Consumer Discretionary	5.1%
Health Care	12.2%
Information Technology	76.1%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Cambricon Technologies, Cl A			11.8%
Montage Technology, Cl A			9.9%
Advanced Micro-Fabrication Equipment China, Cl A			5.3%
Shanghai United Imaging Healthcare, Cl A			4.4%
Beijing Kingsoft Office Software, Cl A			4.3%
Verisilicon Microelectronics Shanghai, Cl A			3.8%
Beijing Roborock Technology, Cl A			2.6%
Shenzhen Transsion Holdings, Cl A			2.5%
National Silicon Industry Group, Cl A			2.5%
Hwatsing Technology, Cl A			2.4%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kstr/.

Householding

KSTR-SAR-2025

KraneShares Trust

KraneShares Hang Seng TECH Index ETF

Ticker: KTEC

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Hang Seng TECH Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/ktec/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Hang Seng TECH Index ETF	$38	0.69%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$63,112,224	29	$156,283	49%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}^{Footnote
Reference^}

Value	Value
Consumer Staples	2.9%
Information Technology	20.0%
Communication Services	28.2%
Consumer Discretionary	43.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Alibaba Group Holding			10.2%
Tencent Holdings			8.3%
NetEase			8.2%
Meituan, Cl B			8.0%
Xiaomi, Cl B			7.5%
Kuaishou Technology, Cl B			4.8%
BYD, Cl H			4.8%
JD.com, Cl A			4.5%
Baidu, Cl A			4.2%
Trip.com Group			4.1%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/ktec/.

Householding

KTEC-SAR-2025

KraneShares Trust

KraneShares European Carbon Allowance Strategy ETF

Ticker: KEUA

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares European Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/keua/. You can also request this information by contacting us at 1-855-857-2638. This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares European Carbon Allowance Strategy ETF	$44	0.79%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$6,978,574	3	$26,628	13%

What did the Fund invest in?

Market Exposure^{Footnote
Reference*}

Futures Contracts:
Futures Contract	83.0%
Collateral and Currency Management:
Short-Term Investment, GVMXX	8.6%
Exchange-Traded Fund^{Footnote Reference**}	60.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount.
Footnote^**	Affiliated Investment

Futures Breakdown^{Footnote
Reference^}

Data as of 9/30/2025

Value	Value
European Union	100.0%

Footnote	Description
Footnote^{^}	Percentages are calculated based on total notional value. Future contracts are presented at the notional value.

Material Fund Changes

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/keua/.

Householding

KEUA-SAR-2025

KraneShares Trust

KraneShares California Carbon Allowance Strategy ETF

Ticker: KCCA

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares California Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kcca/. You can also request this information by contacting us at 1-855-857-2638. This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares California Carbon Allowance Strategy ETF	$40	0.79%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$141,998,534	3	$431,146	9%

What did the Fund invest in?

Market Exposure^{Footnote
Reference*}

Futures Contracts:
Futures Contract	108.6%
Collateral and Currency Management:
Short-Term Investment, GVMXX	3.0%
Exchange-Traded Fund^{Footnote Reference**}	77.2%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount.
Footnote^**	Affiliated Investment

Futures Breakdown^{Footnote
Reference^}

Data as of 9/30/2025

Value	Value
California	100.0%

Footnote	Description
Footnote^{^}	Percentages are calculated based on total notional value. Future contracts are presented at the notional value.

Material Fund Changes

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcca/.

Householding

KCCA-SAR-2025

KraneShares Trust

KraneShares KWEB Covered Call Strategy ETF

Ticker: KLIP

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares KWEB Covered Call Strategy ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/klip/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares KWEB Covered Call Strategy ETF	$14	0.26%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$119,541,723	14	$124,312	365%

What did the Fund invest in?

(KWEB) Industry Weightings^{Footnote
Reference*}

Value	Value
Insurance	0.9%
Media	1.1%
Consumer Finance	1.7%
Diversified Consumer Services	2.4%
Ground Transportation	3.4%
Real Estate Management & Development	3.5%
Hotels, Restaurants & Leisure	4.7%
Internet & Catalog Retail	5.8%
Consumer Staples Distribution & Retail	7.1%
Entertainment	11.6%
Broadline Retail	27.1%
Interactive Media & Services	30.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets of KWEB (KraneShares CSI China Internet ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
KraneShares CSI China Internet ETF^{Footnote Reference**}			106.2%
Written Option - KWEB US, $40.74, 10/17/25^{Footnote Reference(1)}			0.0%
Written Option - KWEB US, $40.94, 10/17/25^{Footnote Reference(1)}			-0.1%
Written Option - KWEB US, $37.53, 10/03/25^{Footnote Reference(1)}			-0.1%
Written Option - KWEB US, $41.68, 10/31/25^{Footnote Reference(1)}			-0.1%
Written Option - KWEB US, $41.44, 10/24/25^{Footnote Reference(1)}			-0.1%
Written Option - KWEB US, $38.22, 10/03/25^{Footnote Reference(1)}			-0.1%
Written Option - KWEB US, $38.26, 10/10/25^{Footnote Reference(1)}			-0.2%
Written Option - KWEB US, $41.72, 10/24/25^{Footnote Reference(1)}			-0.6%
Written Option - KWEB US, $41.07, 10/31/25^{Footnote Reference(1)}			-1.0%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote⁽¹⁾	At market value.
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/klip/.

Householding

KLIP-SAR-2025

KraneShares Trust

KraneShares Global Luxury Index ETF

Ticker: KLXY

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Global Luxury Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/klxy/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Global Luxury Index ETF	$37	0.69%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,935,340	23	$7,901	18%

What did the Fund invest in?

Country Weightings^{Footnote
Reference*}

Value	Value
United Kingdom	2.3%
Denmark	3.5%
Japan	7.2%
Switzerland	7.7%
Italy	10.8%
United States	29.5%
France	35.2%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
LVMH Moet Hennessy Louis Vuitton			9.9%
L'Oreal			8.0%
Cie Financiere Richemont, Cl A			7.7%
Kering			6.6%
EssilorLuxottica			6.2%
Tapestry			6.2%
Ralph Lauren, Cl A			4.6%
Estee Lauder, Cl A			4.5%
Hermes International			4.4%
Ferrari			4.1%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/klxy/.

Householding

KLXY-SAR-2025

KraneShares Trust

KraneShares Hedgeye Hedged Equity Index ETF

Ticker: KSPY

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Hedgeye Hedged Equity Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kspy/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Hedgeye Hedged Equity Index ETF	$37	0.69%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$35,394,434	4	$72,472	13%

What did the Fund invest in?

S&P 500 Top Constituents^{Footnote
Reference*}

Value	Value
EXXON MOBIL CORP	0.8%
NETFLIX INC	0.9%
VISA INC-CLASS A SHARES	1.0%
ELI LILLY & CO	1.1%
JPMORGAN CHASE & CO	1.5%
BERKSHIRE HATHAWAY INC-CL B	1.6%
ALPHABET INC-CL C	2.0%
TELSA INC	2.2%
ALPHABET INC-CL A	2.5%
BROADCOM INC	2.7%
META PLATFORMS INC-CLASS A	2.8%
AMAZON.COM INC	3.7%
APPLE INC	6.6%
MICROSOFT CORP	6.7%
NVIDIA CORP	8.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets of SPY (SPDR S&P 500 ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself.

Top Holdings

Holding Name			Percentage of Total Net Assets
SPDR S&P 500 ETF Trust			100.5%
Purchased Option - S&P 500 Index, $6,610.00, 10/17/25^{Footnote Reference(1)}			0.7%
Written Option - S&P 500 Index, $6,555.00, 10/17/25^{Footnote Reference(1)}			-0.5%
Written Option - SPDR S&P 500 ETF Trust, $667.38, 10/17/25^{Footnote Reference(1)}			-1.1%

Footnote	Description
Footnote⁽¹⁾	At market value.

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kspy/.

Householding

KSPY-SAR-2025

KraneShares Trust

KraneShares Artificial Intelligence and Technology ETF

Ticker: AGIX

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Artificial Intelligence and Technology ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/agix/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Artificial Intelligence and Technology ETF	$62	1.00%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$89,719,569	51	$196,090	23%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Industrials	1.1%
Health Care	2.4%
Consumer Discretionary	8.9%
Communication Services	12.8%
Information Technology	74.4%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			5.0%
Meta Platforms, Cl A			5.0%
Alphabet, Cl A			3.8%
Amazon.com			3.7%
NVIDIA			3.7%
Nebius Group, Cl A			3.5%
Anthropic			3.3%
Tesla			3.1%
AppLovin, Cl A			2.8%
ServiceNow			2.7%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/agix/.

Householding

AGIX-SAR-2025

KraneShares Trust

KraneShares Sustainable Ultra Short Duration Index ETF

Ticker: KCSH

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Sustainable Ultra Short Duration Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kcsh/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Sustainable Ultra Short Duration Index ETF	$10	0.20%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$227,091,064	155	$189,019	0%

What did the Fund invest in?

Maturity Weightings^{Footnote
Reference*}^{Footnote
Reference^}

Value	Value
Over 1 Year	1.0%
9-12 Months	10.7%
6-9 Months	32.0%
3-6 Months	40.7%
0-3 Months	14.4%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.
Footnote^{^}	This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
Bank of America	4.450%	03/03/26	2.8%
Manufacturers & Traders Trust	4.650%	01/27/26	1.8%
ASB Bank	5.346%	06/15/26	1.6%
Citibank	5.438%	04/30/26	1.4%
HSBC Holdings	4.300%	03/08/26	1.4%
Prudential Financial	1.500%	03/10/26	1.4%
Toronto-Dominion Bank	1.200%	06/03/26	1.4%
Dell International	6.020%	06/15/26	1.3%
Realty Income	4.875%	06/01/26	1.3%
Microsoft	3.125%	11/03/25	1.3%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcsh/.

Householding

KCSH-SAR-2025

KraneShares Trust

KraneShares China Alpha Index ETF

Ticker: KCAI

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares China Alpha Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/kcai/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares China Alpha Index ETF	$47	0.79%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$11,245,064	40	$42,239	62%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Consumer Discretionary	10.5%
Industrials	13.2%
Information Technology	20.5%
Materials	21.0%
Financials	34.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Luxshare Precision Industry, Cl A			4.2%
Zijin Mining Group, Cl A			3.6%
Foxconn Industrial Internet, Cl A			3.5%
Seres Group, Cl A			3.4%
Fuyao Glass Industry Group, Cl A			3.3%
Zangge Mining, Cl A			3.2%
Aluminum Corp of China, Cl A			3.1%
Zhejiang Juhua, Cl A			3.0%
Ningxia Baofeng Energy Group, Cl A			3.0%
Zhongji Innolight, Cl A			3.0%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcai/.

Householding

KCAI-SAR-2025

KraneShares Trust

KraneShares Man Buyout Beta Index ETF

Ticker: BUYO

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Man Buyout Beta Index ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/buyo/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KraneShares Man Buyout Beta Index ETF	$49	0.89%

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$12,054,107	313	$48,737	35%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Utilities	1.9%
Energy	3.1%
Consumer Staples	4.7%
Communication Services	5.5%
Materials	6.5%
Financials	9.3%
Health Care	11.6%
Consumer Discretionary	13.8%
Industrials	20.3%
Information Technology	23.2%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Encompass Health			1.5%
News			1.4%
Wayfair, Cl A			1.3%
Nutanix, Cl A			1.3%
Elastic			1.2%
Pentair			1.1%
Pegasystems			1.0%
Ciena			1.0%
Jabil			1.0%
Frontdoor			1.0%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/buyo/.

Householding

BUYO-SAR-2025

KraneShares Trust

KraneShares Global Humanoid and Embodied Intelligence Index ETF

Ticker: KOID

Principal Listing Exchange: NASDAQ

Semi-Annual Shareholder Report: September 30, 2025

This semi-annual shareholder report contains important information about the KraneShares Global Humanoid and Embodied Intelligence Index ETF (the "Fund") for the period from June 5, 2025 (commencement of operations) to September 30, 2025. You can find additional information about the Fund at https://kraneshares.com/koid/. You can also request this information by contacting us at 1-855-857-2638.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
KraneShares Global Humanoid and Embodied Intelligence Index ETF	$25	0.68%

Footnote	Description
Footnote^*	Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended.

Key Fund Statistics as of September 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$74,303,840	50	$69,124	23%

What did the Fund invest in?

Sector Weightings^{Footnote
Reference*}

Value	Value
Materials	5.9%
Consumer Discretionary	19.9%
Information Technology	36.0%
Industrials	38.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
UBTech Robotics			2.2%
Zhejiang Sanhua Intelligent Controls, Cl A			2.1%
XPeng, Cl A			2.1%
Nidec			2.0%
China Northern Rare Earth Group High-Tech, Cl A			2.0%
Shanghai Moons' Electric, Cl A			2.0%
Moog, Cl A			2.0%
NVIDIA			2.0%
RoboSense Technology			2.0%
Amphenol, Cl A			2.0%

Material Fund Changes

There were no material changes during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/koid/.

Householding

KOID-SAR-2025

(a) The Schedules of Investments and Consolidated Schedules of Investments are included as part of the Registrant’s Semi-Annual Financial Statements and Other Information filed under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Fund shares may only be purchased or redeemed from a Fund in Creation Unit aggregations. Investors who cannot transact in Creation Units of a Fund’s shares must buy or sell Fund shares in the secondary market at their market price, which may be at a premium or discount to a Fund’s net asset value, with the assistance of a broker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying Fund shares and receive less than net asset value when selling Fund shares.

As of September 30, 2025, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

The following summarizes the market value of the Fund’s investments used as of September 30, 2025, based on the inputs used to value them:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2025, is as follows:

As of September 30, 2025, all of the Fund’s investments and other financial instruments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

The following summarizes the market value of the Fund’s investments used as of September 30, 2025, based on the inputs used to value them:

A list of the open futures contracts held by the Fund at September 30, 2025, is as follows:

The following summarizes the market value of the Fund’s investments and other financial instruments used as of September 30, 2025, based on the inputs used to value them:

Transactions with affiliated companies during the period ended September 30, 2025 are as follows: